MyBuys: I Buy, You Buy, We All Buy
Much like the current emphasis on social, recommendation engines are hot - real
hot at this year's Internet Retailer conference and exhibition. MyBuys, a personalized product recommendation solution for online retailers, is one vendors selling these typs of services and with only a cursory look on my part, it's definitely one to consider if increasing average order value, CTR and customer lifetime value are prioritities - which they should be.
My Buys enables retailers to build deep profiles based on each shopper's behavior. Using its patented algorithm and real-time optimziation techniques, MyBuys is able to deliver user-specific, personalized and relevant product recommendations to users about items that they may want to purchase (even before they buy them) based on history, previous orders, etc. Web recommendations and personalized alerts are the tools to make it happen. Not neccessarily revolutionary, but interesting nonetheless. The benefit of all this recommendation technology is the increase in average order value, conversions rates, and click-through rates which when looked at collectively could lead to a higher lifetime value for each customer. Retailers such as Lancome, Skechers and others have already teamed up with the Redwood City, California company.
So what type of merchant is MyBuys right for? MyBuys is truly for high end retailers. Merchants will need to provide a data feed and two years of purchase history to have the solution implimented. Don't have that? Not a fit - move on. If it sounds like a fit, MyBuys does the rest, designing and building communication templates for email and the Web, generating Web-based reports and analysis, etc. The service is risk free (no implimentation fees) and offers a 90-day tiral with no set-up fees, consulting fees or upfront costs.